00:00 Speaker A
First of all, here we go. Bitcoin rises 7% in its best week since March amid easing US inflation fears.
00:09 Speaker A
I’m not really buying the back half of that title. Everybody wants to assign a narrative to why Bitcoin is up. So first of all, let’s be honest.
00:17 Speaker A
It bottomed near 58 and now we’re trading in the low 60s. This is not exactly a massive moment to celebrate. We’re still sort of in the same range, trading right around the 200 week moving average on the weekly chart there.
00:30 Speaker A
And as always, you know, Bitcoin took a run at 64,000 and crypto Twitter has already gone from it’s so over to we’re so back, which is historically the precise moment that the universe gets the folding chair and WWE smacks it right over the back of our heads.
00:46 Speaker A
So it’s hard to get too excited. Now, what I will say that I’m impressed with is that the market has absorbed Sailor’s selling so incredibly well.
00:58 Speaker A
So yesterday, obviously we reported on the fact that he had sold 216 million-ish dollars worth of Bitcoin. Of course, those are Bitcoin he bought high and sold low. We can call it tax loss harvesting, but everybody knows that that’s not the best investment or trading strategy.
01:13 Speaker A
But what he did do was cover over three months of dividends for all of his preferred offerings with a single sale, proving to the market that by selling less than a half a percent of his Bitcoin, he could cover his obligations for an entire quarter, and I think that the market liked that.
01:29 Speaker A
STRC was up, MSTR was up yesterday. Bitcoin was also up yesterday.
01:37 Speaker A
And I think the bigger story there, not only proving that he can fund the dividends with a small sale, but the market absorbed the worst-case narrative, which was that Michael Sailor would start selling or even that Michael Sailor would stop buying.
01:53 Speaker A
So I think it is really interesting actually to see the price action after that and highly encouraging. Just to show you that BTF Bitcoin BTC ETF flows right there.
02:06 Speaker A
You can see all these months right here, uh all these days, excuse me, with the parentheses, negative, negative, negative, but last Thursday, 223 million in flows, and then yesterday 265 million in flows.
02:18 Speaker A
So maybe things are starting to turn around. I think it’s too early to tell, but we obviously have a bit of cautious optimism in the market.
